The developments come as BlackBerry and its advisers have scrambled to move ahead with a rapid sales process aimed at finding a buyer by November.

According to London’s Sunday Times, BlackBerry shareholder Prem Watsa is closing in on a rescue deal for the Waterloo, Ontario-based company and has already assembled billions in backing from Canada’s largest pension funds for a bid.

Watsa runs Fairfax Financial Holdings, which holds a 10% stake in BlackBerry, making it the company’s largest shareholder.

While Fairfax didn't respond to a request for comment, a BlackBerry spokesperson said: "We cannot comment on speculation surrounding Prem Watsa and his efforts."

Wall Street was encouraged by the report, bidding BlackBerry’s shares 3.32% higher to $11.20 on Monday. The shares have soared more than 20% since the company opened the door to a sale.

Watsa stepped down from BlackBerry's board last month, citing "potential conflicts that may arise during the process." At the time, Fairfax said it had "no current intention" of dumping its 9.89% stake.